WHAT IS THE CURRENT IDENTIFICATION PERIOD, AND CLOSING TIME TO ACCOMPLISH A DELAYED 1031 TAX DEFERRED EXCHANGE?
After an exchange has been set up, by contacting a Qualified Intermediary prior to closing a sale, the Seller, Exchanger, must identify up to three (3) potential properties they MAY intend to acquire, within 45 days of the close of the sale escrow. It is immaterial what the value is of the potential properties. One can list, or identify, four (4) or more, properties, however these properties cannot have an aggregate value of 200% or more of the sale property. If more than three (3) properties are identified, and the value exceeds 200% of the sale price, then you must close escrow on 95% of the list. Escrow must close, on at least one of the identified properties, within 180 calendar days from the date of the close of the sale escrow. Be sure to check with your legal and/or tax advisor. WHAT HAPPENS TO THE MONEY? In a Phase I Exchange, it is imperative that the Exchanger (who is the owner of the property) does NOT receive any money. The Seller’s net proceeds are wired to the Intermediar
Related Questions
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- What is the current identification period and closing time to accomplish a delayed 1031 Tax-deferred Exchange?
- WHAT IS THE CURRENT IDENTIFICATION PERIOD, AND CLOSING TIME TO ACCOMPLISH A DELAYED 1031 TAX DEFERRED EXCHANGE?
